Deciding to get a loan to build that dream home? If so, then getting the right paperwork, down payment, and understanding of the steps involved can be stressful. There is no need to worry though. The professionals at Mortgage Solutions Group can help that dream home become a reality.
Mortgage Solutions Group is the experts in all things “loan.” One of the specialities they have is in construction mortgages. By choosing Mortgage Solutions Group, one is choosing to have the knowledge needed to make getting the right loan a reality.
What is a Construction Loan?
Mortgage Solutions Group will be there to help clients understand that a construction loan is different from a traditional mortgage. A construction loan is a short-term loan used to help build a new construction. They allow a person to cover the costs of building and the materials needed for the new structure. Usually, a construction loan is set for a one-year term. Once the construction is completed, then there are more steps to take.
What is Needed to Obtain a Construction Loan?
Mortgage Solutions Group will help clients understand what paperwork is needed, as well as what one will need to sign. The client is responsible for obtaining blueprints of the desired structure. Within these blueprints, there needs to be specifications of the home floor plans as well as noting what materials will be used.
Another item needed to obtain a construction loan is a general contractor. Most banks have reservations toward people who want to be their own contractor. This becomes a trust issue. Having a general contractor with experience and a solid reputation should be considered a must.
Lastly, a client will need a 20% down payment. This is a hefty amount of money to come up with, but most banks see this as an insurance policy if anything goes awry during the loan period.
What Happens After Construction is Finished?
Mortgage Solutions Group will continue to serve their clients once construction is finished. Now that the dream home is a reality, a client will need to refinance the current loan and enter into a new loan. The new loan will most likely be a traditional homeowner mortgage.
All of this may sound complicated, but it does not have to be with Mortgage Solutions Group.
Mortgage Solutions Group is a team dedicated to help people navigate the road to becoming a homeowner. They offer financing options as well as home mortgages. Other speciality services they offer include mortgage pre-approval, construction loans, and first mortgages. No matter who the client is, Mortgage Solutions Group can find a solution.
Company Name: Mortgage Solutions Group
Contact Person: Media Relations
Email: Send Email
Address:209 – 10376 Yonge Street
City: Richmond Hill
State: Ontario L4C 3B9